THE LATEST data from the National Bureau of Statistics (NBS) on the Consumer Price Index has shown that Nigeria’s headline inflation rate rose to 24.08 per cent in July 2023.
The CPI measures the average change over time in the prices of goods and services people consume for day-to-day living.
The ICIR findings showed that this is the highest rate reported in 15 years since 2009 and the seventh consecutive increase in 2023. Also, additional findings showed that the last time Nigeria recorded an inflation rate above 24 per cent was in September 2005.
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According to NBS, the rate is 1.29 per cent higher when compared to June 2023 headline inflation rate which was 22.79 per cent.
The NBS said, “On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”
NBS also disclosed that the urban inflation rate stood at 25.83 per cent, while rural inflation was 22.49 per cent.
Oil, Bread increases food inflation
The bureau also published that the food inflation rate in July 2023 was 26.98 per cent.
It said, “On a year-on-year basis, which was 4.97 per cent points higher compared to the rate recorded in July 2022 (22.02 per cent). On a month-on-month basis, the Food inflation rate in July 2023 was 3.45 cent, this was 1.06 per cent higher compared to the rate recorded in June 2023 (2.40 per cent).”
The rise in food inflation, according to the data, was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.
The ICIR had reported how unsettling policies of the federal government contribute to the increase in the inflation rate.
Kehinde Ogunyale tells stories by using data to hold power into account. You can send him a mail at jameskennyogunyale@gmail or Twitter: Prof_KennyJames | LinkedIn: Kehinde Ogunyale